AMHERST - Food For Thought Books, a staple of downtown Amherst since the mid 1970s, announced Monday night it is closing for good as a continuing decline in business has left the store unable to meet payroll.

The bookstore joins the list of other bookstores throughout the Valley, Massachusetts and nationwide that have fallen victim to declining market share in the age of the Internet, Amazon and iPads.

“When our fundraiser this past December reached its goal we had high hopes of keeping the store running through our 38th year. We did everything we could think of to move the store into a sustainable direction.”

Sales since reopening in a smaller space have been marginal. “We at first hoped this had mostly to do with the bitterly cold winter and crossed our fingers that things would pick up come spring. Unfortunately, instead of picking up, they kept getting worse”

The statement goes on to say the store has not been able to pay its rent or meet its payroll for a month. With its group of volunteer workers leaving for the summer, and its two part-time employees looking for new jobs, the store had no choice but to close for good, the statement reads.

“We have consulted with legal counsel and have been advised to close the store and dissolve the business. This was a very difficult decision to make and we very much wish we didn't have to make it,” the statement reads.

Food For Thought Books was established in 1976 as a not-for-profit worker’s collective bookstore, and it had been an Amherst staple since.

Some years ago it doubled in size in part to accommodate the textbook market, and with Amherst and Hampshire colleges and the University of Massachusetts nearby, it did well.

But a 2010 law that allowed colleges to provide students with the names of all required textbooks in advance of classes starting undercut many independent bookstores that sold text books.

Prior to 2010, students would learn what books they needed just prior to the first class, and many would buy their books locally. Since then, students have been turning to on-line sources for textbooks.